Ethereum has risen with the broader crypto market recovery, reclaiming $2,400. Analysts point to technical indicators like a golden cross and an unfilled CME gap near $2,680 as potential bullish signals. On-chain data also shows increased institutional inflows into spot ETFs and a decade-low in exchange reserves, suggesting reduced selling pressure.
Ethereum has trended upward amid a wider market revival, finally reclaiming the $2,400 level. This broader rebound was reportedly fueled by geopolitical developments, including indications the US and Iran are close to a peace deal.
Popular analyst Ali Martinez spotted a golden cross on Ethereum’s chart in late April. “This setup is considered bullish and happens when the 50-day moving average crosses above the 200-day moving average,” he noted, suggesting it could open a path toward $2,680.
Another analyst, Max Crypto, noted that ETH has an unfilled CME gap at the $2,680 zone. Traders often watch these price discrepancies, as markets tend to fill them over time.
On-chain metrics provide further context for Ethereum’s current market posture. Data from SoSoValue shows spot ETH ETFs have seen net inflows in early May, implying growing institutional exposure. Furthermore, Ethereum’s exchange reserves have dropped to a ten-year low of roughly 14.3 million coins, indicating a potential reduction in immediate selling pressure as holders move to self-custody.
